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HomeNewsChainlink's Proof-of-Reserves boosts transparency and security for Circle, KPMG, DBS and Harneys

Chainlink’s Proof-of-Reserves boosts transparency and security for Circle, KPMG, DBS and Harneys

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  • OpenEden has launched the first smart contract vault managed by a regulated financial institution to offer 24/7 access to U.S. Treasury Bills (T-Bills).
  • Stablecoin holders can mint TBILL tokens via the OpenEden TBILL Vault to earn the U.S. risk-free rate, which yields close to 5% p.a. as of March 2023.

OpenEden has launched a smart contract vault that is managed by a regulated financial institution and provides 24/7 access to U.S. Treasury Bills (T-Bills). This development is expected to help stablecoin holders earn the U.S. risk-free rate, which yields close to 5% p.a. as of March 2023, via the OpenEden TBILL Vault. The vault is the first smart contract vault to be managed by a regulated financial institution and is built to offer a low-risk, liquid, and transparent way to earn the U.S. risk-free rate to stablecoin holders.

The issuer of TBILL tokens is a professional fund that is regulated by the British Virgin Islands Financial Services Commission, and the vault’s assets are managed by OpenEden Pte Ltd, which is a financial institution regulated by the Monetary Authority of Singapore. TBILL tokens are 100% backed by real-world assets and are fully compliant with regulatory requirements. OpenEden has built a DeFi-native token that provides a seamless user experience in the market.

Stablecoin holders can mint TBILL tokens via the OpenEden TBILL Vault to earn the U.S. risk-free rate. This yield is close to 5% p.a. as of March 2023, providing stablecoin holders with a direct T-Bills exposure. Smart contracts enable instant minting and redemption on-chain, as opposed to up to two business days in traditional finance. A Chainlink Proof-of-Reserves is integrated with the off-chain custodian to verify the underlying assets and token price in near-real-time.

OpenEden has spent the past year building a DeFi-native token that is 100% backed by real-world assets and fully compliant with regulatory requirements. The TBILL tokens offered by OpenEden not only facilitate on-chain access to U.S. Treasury yields, but they are also integrated with a Chainlink Proof-of-Reserves to provide real-time transparency into the underlying assets of TBILL tokens.

OpenEden has collaborated with regulated service providers, leading banks, qualified custodians, and tier-1 legal counsel, including Circle, DBS Bank, KPMG, Elliptic, Harneys, Capital Asia Investments, and TJ Assurance Partners PAC.

In summary, the OpenEden TBILL Vault offers stablecoin holders a low-risk, liquid, and transparent way to earn the U.S. risk-free rate, which yields close to 5% p.a. as of March 2023. The vault is managed by a regulated financial institution, and TBILL tokens are 100% backed by real-world assets and fully compliant with regulatory requirements.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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